Mikey Campbell
Continuing a planned stock selloff that began earlier in January, Apple CEO Tim Cook this week sold a chunk of 30,000 AAPL shares worth $3.64 million, bringing his full-week total to nearly $11 million.
The trades were accomplished in three equal transactions at prices ranging from $120.28 to $122.24 on Jan. 25, 26 and 27, according to a U.S. Securities and Exchange Commission filing made public on Friday. Following this week's selloff, Cook is left with 949,809 shares of Apple stock currently worth about $116 million.
As with two other recent transactions, the trades reported today were made pursuant to Cook's trading plan adopted in 2015. A pair of regulatory filings, one published last week and another on Monday, reveal Cook shed 60,000 shares of company stock in six separate transactions as part of the same trading plan.
Including the trades reported today, Cook in the last week sold 90,000 shares worth nearly $11 million.
The payday comes after Apple's executive team, including Cook, was docked bonus pay as a result of middling company financials due in large part to a slowdown in iPhone sales. For 2016, Apple brought in $215.6 billion in net sales and generated operating income of $60 billion, but the metrics were short of goals set by the company's compensation committee.
Though he missed out on the $1.5 million performance bonus, Cook still has his $116 million hoard of vested AAPL shares and is set to receive another 700,000 vested RSUs on Aug. 24, 2021. The Apple chief can also make up for lost time with five 280,000-unit performance-based RSU packages set to vest in annual installments through 2021.
Charles Martin
Christine McKee
Oliver Haslam
William Gallagher
22 Comments
Ok....
now im actually getting worried.
One word: Taxes
When you have that many stocks you end up with a huge tax bill each year. Easiest way to pay of the bill is to sell stocks to cover it.